KAR Reports Improved Results
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KAR Auction Services Inc. reported revenue of $890.4 million in the fourth quarter. That was up from $813.7 million in the fourth quarter of 2016. Net income for the fourth quarter increased to $172.8 million from $45.5 million in the fourth quarter of 2016. Net income was favorably impacted by the enactment of the Tax Cuts and Jobs Act of 2017 in the fourth quarter of 2017. Adjusted EBITDA for the quarter was $194.6 million, as compared with $176.5 million for the fourth quarter of 2016.